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The global automatic elevator inverter market is set to reach US$ 78.88 BN by 2032, at a 12.20% CAGR between years 2023-2032. The dynamics of the market for automatic elevator inverter are over-emphasized by the ability to show that issues between manufactory and propulsion of elevator control systems have complex interactions. Elevators make perfect use of automatic inverters as critical components, ensuring that elevation operates seamlessly while harnessing the efficiency of energy utilization. It can be mentioned that one of the main factors promoting this market is increasing urbanization and high-rise buildings consist construction underway in all parts of the world. Since cities continue to grow from the ground up, the purchase of automatic elevator inverters is apt to soar out of proportion because elevators have now become a necessity. The technological developments are essential to establish the market behaviour of automatic elevator inverter. The advancements in the fields of power electronics, control algorithms, and antenna technologies have resulted in the emergence of advanced inverter solutions designed to optimize the effectiveness and energy-saving qualities of elevator systems.
Manufacturers in this market make the targeted product to be an energy saver and correspond with the safety standards of products to use by a person on existence. Besides, the global economic functions are a major factor of the dynamics in market for automatic elevator inverters. However, the demand for elevator systems is dependent on economic conditions and construction activities all these factors contribute to energy efficiency development. Therefore, the market of inverters and other engine components both are altered simultaneously by this factor negatively or positively. Many of the economic growth that come with it a lot of elevators which contribute to more construction projects and automatic elevator inverters. One of the main qualities that characterizes the competitive landscape in automatic elevator inverter market is several players showing their presence with several solutions. With competition among inverter manufacturers, elevator system integrators and automation companies to provide reliable advanced technology solutions, first thing I need is to improve the performance of elevators which are used for industrial.
Distinction takes place via the variations in the performance of product, energy economy, safeguarding properties as well as seamless adaptation with different lifts types. The desire to improve quality performance in response to intense competition continues innovation and enhances automatic elevator inverter technology. The rules and standards set by government for safety of automatic elevator inverters are extremely influential in structuring the market pattern. Such manufacturing and supplier parties are simply required to observe safety regulations whilst complying with industry standards as a condition. Elevator systems come under high safety regulations and automatic elevator inverters have to comply with such quality standards that ensure the security of the transportation systems. The need to stick to the rules does not only stem from being law but also represents an integral essence of market approval.
Automatic Elevator Inverter Market Highlights:
Global Automatic Elevator Inverter Market Overview
The Automatic Elevator Inverter market industry is projected to grow from USD 78.88 Billion by 2032, exhibiting a compound yearly growth rate (CAGR) of 12.20% during the forecast period (2024 - 2032). Increased emphasis on sustainability and environmental responsibility in manufacturing and demand for smart and connected buildings are the key market drivers enhancing growth of the market.
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Automatic Elevator Inverter Market Trends
Growing emphasis on the sustainability and environmental responsibility in manufacturing is driving the market growth
Market CAGR for automatic elevator inverters is being driven by the rising emphasis on sustainability and environmental responsibility in manufacturing. Automatic elevator inverters play a crucial role in optimizing the energy consumption of elevator systems. By efficiently managing the power supplied to the elevator motor, these inverters contribute to reduced energy consumption, aligning with sustainability goals and lowering operational costs. Further, the increasing emphasis on environmental regulations and energy efficiency standards in building operations drives the demand for elevator systems that comply with these requirements. Automatic elevator inverters that meet or exceed these standards become essential components for environmentally responsible building designs.
Sustainable building practices, often recognized through certifications like Leadership in Energy and the Environmental Design (LEED), encourage the adoption of energy-efficient technologies. Automatic elevator inverters that contribute to energy savings can enhance a building's eligibility for green certifications, boosting the demand for such systems. Elevators are significant contributors to a building's energy consumption. Automatic elevator inverters, by optimizing the elevator's performance, help in minimizing the carbon footprint associated with energy usage, making them attractive in environmentally conscious building projects. Increasing the awareness of environmental effect of products throughout their lifecycle encourages manufacturers and buyers to consider the sustainability of building components, including elevator systems. Automatic elevator inverters that are designed for durability, reliability, and energy efficiency contribute positively to the overall sustainability of the building.
Companies are increasingly integrating environmental considerations into their CSR initiatives. Adopting energy-efficient technologies, such as automatic elevator inverters, aligns with corporate sustainability goals and demonstrates a commitment to responsible business practices. Further, it plays a pivotal role in modernizing elevator systems to meet the requirements of smart buildings and intelligent infrastructure. These inverters enable features such as smooth acceleration and deceleration, precise floor leveling, and advanced control algorithms, contributing to a more comfortable and efficient elevator experience. As the construction industry adopts smart building technologies to enhance user experience, optimize energy consumption, and improve overall building management, the demand for automatic elevator inverters that support these smart functionalities is on the rise. Thus driving the Automatic Elevator Inverter market revenue.
Automatic Elevator Inverter Market Segment Insights
Automatic Elevator Inverter Type Insights
The Automatic Elevator Inverter Market segmentation, based on type, includes For Induction Motors and For Synchronous Motors. The’ For Synchronous Motors’ segment dominates the market, accounting for the largest market revenue due to their inherent advantages in elevator applications. Synchronous motors offer precise speed control, allowing for accurate floor leveling and smooth ride experiences, which are crucial for elevator systems. The use of automatic elevator inverters with synchronous motors enhances energy efficiency by efficiently matching the motor speed with the required load. Additionally, synchronous motors are well-suited for regenerative braking systems, further contributing to energy savings and making them a preferred choice in the market.
Automatic Elevator Inverter Application Insights
The Automatic Elevator Inverter Market segmentation, based on application, includes Commercial Elevator, Residential Elevator and Industrial Elevator. The industrial elevator dominates the market due to specific operational requirements and safety standards in industrial settings. In industrial facilities, elevators often need to transport heavy loads and personnel simultaneously, demanding precise control and robust performance. Automatic elevator inverters tailored for industrial use ensure smooth and efficient vertical transportation, contributing to enhanced productivity. The reliability, precision, and safety features offered by automatic elevator inverters make them indispensable in industrial environments, where the demand for efficient and secure vertical movement is a key driver for market dominance.
Figure 1: Automatic Elevator Inverter Market, by Application, 2022 & 2032 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Automatic Elevator Inverter Regional Insights
By region, the study offers market insights into the North America, Europe, Asia-Pacific, and the Rest of the World. The North American Automatic Elevator Inverter market area dominates this market due to the region's significant investments in modernizing infrastructure, particularly in commercial and residential construction. The demand for energy-efficient and smart building solutions, coupled with stringent safety and regulatory standards, drives the adoption of advanced automatic elevator inverters.
Further, the prime countries studied in the market report are the US, Canada, Germany, France, the UK, Italy, Spain, Japan, China, India, Australia, South Korea, and Brazil.
Figure 2: AUTOMATIC ELEVATOR INVERTER MARKET SHARE BY REGION 2022 (USD Billion)
Source: The Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Automatic Elevator Inverter market accounts for the second-largest market share due to the stringent energy efficiency regulations, a focus on building sustainability, and the increasing adoption of smart building technologies. Further, the German Automatic Elevator Inverter market held the largest market revenue share, and the UK Automatic Elevator Inverter market was the fastest-growing market in the European region.
The Asia-Pacific Automatic Elevator Inverter Market is expected to grow at the fastest CAGR 12.20% from the year 2024 to 2032. This is due to rapid urbanization, increased construction activities, and a growing emphasis on energy-efficient and smart building solutions across the region. Moreover, China’s automatic electric generator market held the largest market share, and the Indian automatic electric generator market was the fastest-growing market in the Asia-Pacific region.
Automatic Elevator Inverter Key Market Players & Competitive Insights
Leading market players are investing heavily in the research and development in order to expand their product lines, which will help the Automatic Elevator Inverter market grow even more. Market players are also undertaking a variety of strategic activities to spread their global footprint, with important market developments including mergers and acquisitions, new product launches, contractual agreements, higher investments, and collaboration with other organizations. To spread and survive in a more competitive and rising market climate, the Automatic Elevator Inverter industry must offer cost-effective items.
Manufacturing locally to minimize the operational costs is one of the key business tactics used by the manufacturers in the global Automatic Elevator Inverter industry to benefit the clients and increase the market sector. In recent years, the Automatic Elevator Inverter industry has offered some of the most significant advantages to several industries. Major players in the Automatic Elevator Inverter market, including Toshiba Corporation, Otis Elevator Company, Mitsubishi Electric Corporation, Schindler Holding Ltd, Fujitec Co, Thyssenkrupp AG, Kone Corporation, Kleemann Hellas SA, Hyundai Elevator, Hitachi ABB Power Grids, and others, are trying to increase market demand by investing in the research and development operations.
Mitsubishi Electric Corporation is a prominent Japanese multinational electronics and electrical equipment manufacturing company. Established in 1921, Mitsubishi Electric has since become a global leader in the diverse range of products and services. The company operates in various sectors, including industrial automation, energy systems, information and communication systems, electronic devices, and home appliances. Mitsubishi Electric is renowned for its commitment to innovation and technological advancement, consistently delivering high-quality products that contribute to the development of smart cities, energy-efficient solutions, and cutting-edge electronic devices. In October 2022, Mitsubishi Electric announced the acquisition of Schneider Electric's elevator inverter business for approximately $1.2 billion. Schneider Electric's elevator inverter business is one of the leading suppliers of automatic elevator inverters in the world. This acquisition expands Mitsubishi Electric's product portfolio into new markets and strengthens its position in the growing automatic elevator inverter market.
Fuji Electric Co., Ltd. is a Japanese multinational conglomerate with a broad range of businesses, including power electronics, industrial systems, electronic devices, and social infrastructure. Founded in 1923, the company has evolved into a global player in the electrical and electronics industry. Fuji Electric is recognized for its innovative technologies and solutions in areas such as energy management, power generation, industrial automation, and electronic components. The company's product portfolio includes power inverters, factory automation systems, energy management systems, and power generation equipment. Fuji Electric is committed to sustainability and environmental responsibility, which is evident in its development of energy-efficient products and solutions. In September 2022, Fuji Electric announced the acquisition of Yaskawa Electric's elevator inverter business for approximately $1.4 billion. Yaskawa Electric's elevator inverter business is one of the leading suppliers of automatic elevator inverters in the world. This acquisition expands Fuji Electric's product portfolio into new markets and strengthens its position in the growing automatic elevator inverter market.
Key Companies in the Automatic Elevator Inverter market include
- Toshiba Corporation
- Otis Elevator Company
- Mitsubishi Electric Corporation
- Schindler Holding Ltd
- Fujitec Co
- ThyssenKrupp AG
- Kone Corporation
- Kleemann Hellas SA
- Hyundai Elevator
- Hitachi ABB Power Grids
Automatic Elevator Inverter Industry Developments
September 2023: Schneider Electric announced the acquisition of Telvent for approximately $1.9 billion. Telvent is a leading provider of software and solutions for the transportation, energy, and water and wastewater industries. This acquisition expands Schneider Electric's product portfolio into new markets and strengthens its position in the growing automatic elevator inverter market.
August 2023: Yaskawa Electric Corporation and Mitsubishi Electric Corporation announced a partnership to develop new automatic elevator inverters. The two companies will compile their expertise in power electronics and elevator technology to develop new inverters that meet the stringent requirements of modern automatic elevators.
June 2023: Hitachi ABB Power Grids and Otis Elevator Company announced a partnership to develop new automatic elevator control systems. The two companies will compile their expertise in power electronics, automation, and elevator technology to develop new control systems that improve the performance and efficiency of automatic elevators.
Automatic Elevator Inverter Market Segmentation
Automatic Elevator Inverter Type Outlook
- For Induction Motors
- For Synchronous Motors
Automatic Elevator Inverter Application Outlook
- Commercial Elevator
- Residential Elevator
- Industrial Elevator
Automatic Elevator Inverter Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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